Skoot,
I had to replace the livewell drain on the '86 CCP. The factory install was plain ol' iron pipe - better than nothin', but not much. It didn't hold up real well even in fresh water use. The good news was that the transom wood was in dry, solid condition when the drain tube was removed. At that point I was thinking along the lines flkeysaqua mentioned - stainless.
I found a company here that sells stainless steel pipe, fittings and other hardware to the food industry. They cut and threaded a short section of heavy walled stainless pipe for replacement. Everything came to less than $30.00. Picture of the replacement is toward the end of this thread:
http://classicaquasport.com/smf/index.php?topic=4352.0For install, I completely coated the inside of the transom hole with 4200, 'buttered' the outside of the new drain tube with the same, cleaned up the excess and locked it in place with the flanged bronze nuts salvaged from the original fitting. Stainless flange nuts would have been better for eliminating any possible galvanic reaction/corrosion - but I couldn't find anything in stainless that would work.
The pipe is 304 stainless instead of the marine grade 316 standard, but with the wall thickness that pipe should hold up for a long time in fresh water, probably do OK in salt, too.
Your application is a little different, but a variation may work. There's got to be stainless pipe available in your area - probably a better grade than I bought. If you want to go that route and can't find anything, pm me and I'll send a piece your way.